Why Should the Same Stablecoin Have Different Oracle Prices Across Chains?
Consider a stablecoin deployed across HyperEVM, Base, Avalanche and Ethereum.
Its liquidity is fragmented. One chain might have a $10M pool, while another has only $200K. In the thinner pool, a comparatively small trade can move the market price much more sharply.
If a lending protocol blindly trusts that local price, its collateral valuation may become vulnerable to market distortion.
Parallel Protocol and Cooper Labs use DIA Value to take a different approach: calculate value from the protocol's underlying mechanics, not just the latest trade.
USDp: Fundamental redemption valuation
DIA Value reads the collateral composition and redemption mechanics defined by Parallel Protocol's smart contracts to derive a fundamental valuation based on its redemption model.
sUSDp: Account for the yield-bearing wrapper
For sUSDp, the USDp benchmark is adjusted using the relevant chain's vault exchange rate. This accounts for the wrapper's conversion relationship with the underlying asset.
Integration: AggregatorV3-compatible feeds
The output can be consumed through familiar oracle interfaces, helping compatible lending protocols integrate the valuation without relying solely on local spot-market prices.
Why this matters: fragmented liquidity can produce fragmented prices, even when the underlying asset is intended to represent the same economic value.
A protocol-based benchmark can reduce dependence on thin pools. It cannot, however, guarantee redemption at par or remove risks from collateral quality, contract logic and stale data.
A cross-chain asset needs more than a bridge. It needs a valuation methodology that understands what the asset is actually worth. $DIA
Consider a stablecoin deployed across HyperEVM, Base, Avalanche and Ethereum.
Its liquidity is fragmented. One chain might have a $10M pool, while another has only $200K. In the thinner pool, a comparatively small trade can move the market price much more sharply.
If a lending protocol blindly trusts that local price, its collateral valuation may become vulnerable to market distortion.
Parallel Protocol and Cooper Labs use DIA Value to take a different approach: calculate value from the protocol's underlying mechanics, not just the latest trade.
USDp: Fundamental redemption valuation
DIA Value reads the collateral composition and redemption mechanics defined by Parallel Protocol's smart contracts to derive a fundamental valuation based on its redemption model.
sUSDp: Account for the yield-bearing wrapper
For sUSDp, the USDp benchmark is adjusted using the relevant chain's vault exchange rate. This accounts for the wrapper's conversion relationship with the underlying asset.
Integration: AggregatorV3-compatible feeds
The output can be consumed through familiar oracle interfaces, helping compatible lending protocols integrate the valuation without relying solely on local spot-market prices.
Why this matters: fragmented liquidity can produce fragmented prices, even when the underlying asset is intended to represent the same economic value.
A protocol-based benchmark can reduce dependence on thin pools. It cannot, however, guarantee redemption at par or remove risks from collateral quality, contract logic and stale data.
A cross-chain asset needs more than a bridge. It needs a valuation methodology that understands what the asset is actually worth. $DIA